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WTI crude oil declined as Fed officials confirms no rate cut in near term.It hit a low of $77.43 at the time of writing and is currently trading at $77.96.
Acccording to Energy Information Administration, crude oil inventories dropped by 4.2 million barrels to 454.7 million bbls for the week ending May 24th 2024.
Major factors for crude oil price movement-
US dollar index (Bullish)- negative for Crude.
Major resistance - 105/106.50.
Major support- 104/103.
Geopolitical tension- escalation of tension between Israel and Gaza ( positive for crude).
Ichimoku analysis (4- hour chart)
Tenken-Sen- $78.40
Kijun-Sen- $79.01
The immediate resistance is around $78.40. Any jump above the target of $79/$79.39/$80/$80.55/$81.20/$82/$82.53/$83. On the lower side, near-term support is around $77.60 Any breach below will drag the commodity down to $77.23/$76.70/$75/$74.
It is good to sell on rallies around $78.95-79 with SL around $80 for a TP of $76.
